What do you think that is better on Daily Timeframe?
It seems to work well.
What do you think that is better on Daily time frame ?
Trailing stop on each new candle, or take profit = 2x stop loss ?
Can it work on H4 ?
each new candle
it works on H4
When do candlestick patterns really work?
The common question asked by traders is when the candlestick patterns really works.
All candlesticks are is simply a historical representation of trading activity.
Patterns can help you tip the odds of a successful trade in your favor.
If you understand what is happening in the market in terms of the context of the current situation, you can stick to relatively clear patterns.
If you recognize that no matter what, nothing will work in the markets 100% of the time.
Identifying situations where there’s a high probability of some sort of directional move is what helps us to form our edge in trading the markets.
Candlestick patterns, if used correctly, can be a method/supportive method for doing so. The Human mind is excellent at pattern recognition.
Whilst this might have served us well in our caveman days, the trouble is that it’s not always appropriate in financial trading.
There’s an endless stream of what on the face of it might look like patterns, but really have very little significance.
The problem comes when we act on patterns, as we’re hardwired to do and they don’t come to fruition.
The real reason patterns exist is because of imbalances in supply and demand.
If traders don’t recognize this fact, then it’s going to be difficult for you to know when a pattern is valid or not.
But they can always go with the patterns if strong confirmation is given for their accurate predictions.
That’s why, while doing technical trading traders need to know all the tricks for saving their investments.
The best way is to know more about the trends, the confirmation steps and also the powerful patterns.
Powerful patterns actually help people more to get the best out of their investment than struggling for just saving the real investment.
That’s why doing technical trading is not a hard job for the experts.